Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Estimated Service Lives for Property Plant and Equipment

The estimated service lives for property, plant and equipment are as follows:

Class of Assets		Range of Service Lives
Buildings		5 to 20 years
Machinery & Equipment		2 to 20 years
Land Improvements		5 to 60 years

Summary of Key Assumptions Used in Determining Fair Value of Stock Options Awarded

Key assumptions used in determining the fair value of the stock options awarded in 2015 were:


Risk-free interest rate		2.20%
Dividend yield		1.20%
Volatility factor		36.10%
Expected term		8.5 years

Components of Changes in Accumulated Other Comprehensive Loss and Related Cumulative Noncurrent Deferred Tax Assets

The components of the changes in accumulated other comprehensive loss and related cumulative noncurrent deferred tax assets are as follows:

	Pension and Postretirement Benefit Plans			Foreign Currency			Unamortized Value of Terminated Forward Starting Interest Rate Swap			Total
years ended December 31 (add 000)	2017
Accumulated other comprehensive loss at beginning of period	$	(128,373	)	$	(1,162	)	$	(1,152	)	$	(130,687	)
Other comprehensive (loss) earnings before reclassifications, net of tax		(8,062	)		1,140			—			(6,922	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		7,633			—			872			8,505
Other comprehensive (loss) earnings, net of tax		(429	)		1,140			872			1,583
Accumulated other comprehensive loss at end of period	$	(128,802	)	$	(22	)	$	(280	)	$	(129,104	)

Cumulative noncurrent deferred tax assets at end of period	$	79,938		$	—		$	178		$	80,116

	2016
Accumulated other comprehensive loss at beginning of period	$	(103,380	)	$	(264	)	$	(1,978	)	$	(105,622	)
Other comprehensive loss before reclassifications, net of tax		(31,678	)		(898	)		—			(32,576	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		6,685			—			826			7,511
Other comprehensive (loss) earnings, net of tax		(24,993	)		(898	)		826			(25,065	)
Accumulated other comprehensive loss at end of period	$	(128,373	)	$	(1,162	)	$	(1,152	)	$	(130,687	)

Cumulative noncurrent deferred tax assets at end of period	$	82,044		$	—		$	749		$	82,793

	2015
Accumulated other comprehensive (loss) earnings at beginning of period	$	(106,688	)	$	3,278		$	(2,749	)	$	(106,159	)
Other comprehensive loss before reclassifications, net of tax		(7,116	)		(3,542	)		—			(10,658	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		10,424			—			771			11,195
Other comprehensive earnings (loss), net of tax		3,308			(3,542	)		771			537
Accumulated other comprehensive loss at end of period	$	(103,380	)	$	(264	)	$	(1,978	)	$	(105,622	)

Cumulative noncurrent deferred tax assets at end of period	$	66,467		$	—		$	1,290		$	67,757

Reclassification Out of Accumulated Other Comprehensive Loss

Reclassifications out of accumulated other comprehensive loss are as follows:

years ended December 31 (add 000)	2017			2016			2015			Affected line items in the consolidated statements of earnings
Pension and postretirement benefit plans
Special plan termination benefits	$	-		$	764		$	2,085
Settlement charge		21			115			—
Amortization of:
Prior service credit		(1,430	)		(1,609	)		(1,880	)
Actuarial loss		13,774			11,575			16,850
		12,365			10,845			17,055		Other nonoperating (income) and expenses, net
Tax effect		(4,732	)		(4,160	)		(6,631	)	Income tax (benefit) expense
Total	$	7,633		$	6,685		$	10,424
Unamortized value of terminated forward starting interest rate swap
Additional interest expense	$	1,443		$	1,367		$	1,280		Interest expense
Tax effect		(571	)		(541	)		(509	)	Income tax (benefit) expense
Total	$	872		$	826		$	771

Basic and Diluted Earnings Per Common Share

The following table reconciles the numerator and denominator for basic and diluted earnings per common share:

years ended December 31

(add 000)	2017		2016		2015
Net earnings attributable to Martin Marietta	$	713,342	$	425,386	$	288,792
Less: Distributed and undistributed earnings attributable to unvested awards		2,029		1,775		1,252
Basic and diluted net earnings attributable to common shareholders attributable to Martin Marietta	$	711,313	$	423,611	$	287,540

Basic weighted-average common shares outstanding		62,932		63,610		66,770
Effect of dilutive employee and director awards		285		251		250
Diluted weighted-average common shares outstanding		63,217		63,861		67,020